Dear IOTA community,
It is great to see the IOTA SMPC (Secure Multi-party Computation Platform) got lots of attention and interests in the IOTA community since my last thread below. It is your support that really encourages us as builders.
The MPC platform enables many important utilities like Bridge, Oracle and Custody as I introduced in the last thread. Since Shimmer EVM is around the corner, we should get ready and have these utilities being tested on the testnet and at the same time having the MPC platform governance framework refined. In order to achieve this, today we will move on to select the validators to start on the testnet. Since all of these start on the testnet, the validator selection process will be relatively simple so that we could move on fast.
It is essential that validators are trusted by the community and the validators should also have some technical capacity. Because of these requirement, instead of a large number of unverified validators, a smaller number of validators that would not verify malicious or false transactions will be a better choice for MPC validators.
Normally the verification threshold is 2/3 of the validators. If there are a total number of 9 validators, at least 6 of the validators will be needed to verify each transaction.
Since we would suggest to have this MPC running on the upcoming Shimmer EVM beta to test things out. Therefore, I would suggest we start with 6 validators to test out the product and procedure.
Along the testing process, the validator framework will be refined so that before the Shimmer EVM mainnet, we could have a ready framework to start. By then, the community could decide if the framework can be passed and if there is the need to add another 3 validators and when.
I would suggest that we can reserve 1 validator for Shimmer Governance for a more stable board of validators to start with. Therefore we have another 5 spots to be voted.
Time: 9:00 A.M CET, Jan 18th - 9:00 A.M CET, Jan 24th
Please check the validator responsibilities below. If you are capable and willing to become one of the initial validators, you can reply to the thread to apply. Please introduce you or your team and suggest why you will be capable to become a validator of the IOTA MPC platform.
Time: 9:00 A.M CET, Jan 25th - 9:00 A.M CET, Feb 1st
Voting process will be also on the Governance forum. The top 5 applicants will be chosen to start running as the testnet validators.
Validators need to be able to set up the node according to the instruction on Github.
Since the validators will run the MPC platform, the validators should be responsible to audit code even though there will be 3rd party auditing firms involved.
If a number of nodes are offline frequently, the whole platform will be dysfunctional. Therefore the node should maintain a certain online rate.
Execution led by the community:
Validators should follow the decision of the community. Shimmer Governance will lead the voting process. For example, if the community voted to expand the validator board or replace a certain validator, the validators should verify accordingly.
Validators can be added as the ecosystem expand. There will be the community voting decision led by the Shimmer Governance.
Also, in the following situations, a validator should be replaced immediately,
- If a validator ever verifies a malicious or false transaction.
- If a validator is offline often significantly. Validators should guarantee 99% availability/up time, which means in a year time, a validator cannot be offline for more than 3 days.
Once the testnet validators are chosen, we are ready to launch the MPC platform and the bridge on Shimmer EVM official beta first. There will be four main things we will do in parallel in the short term before Shimmer EVM,
- Testing the MPC platform and the Bridge functionality on Shimmmer EVM beta
- Refine the MPC governance framework
- Do more security check including third party audits and probably a bug bounty program.
- Continue developing of the Oracle functionality
Regarding to the security check, please also check out the code of the MPC platform and the Bridge below. We will refine it by adding more doc and notes onto the Github by next week and once that is ready, we will invite the community to check and probably hold a bug bounty program.
It is really exciting to see the progress of the MPC platform and its potential utilities on the upcoming Shimmer EVM. 2023 is already looking promising.